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Freeport-McMoRan cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.0B in Q3 2026 · $6.2B over twelve months

Operating cash flow$2.0B
Free cash flow+$2.0B
Cash / net income1.2×
Cash conversion cycle-76 days

Analysis

In Q3 2026, Freeport-McMoRan generated $2.0B of operating cash flow. That is $1.4B more than in Q3 2025 ($608M).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.2B; the largest uses were other investing ($4.3B), dividends ($866M), partners ($625M); besides operations, cash came from net borrowing (+) / repaid (−) ($51.0M), shares issued ($33.0M); the cash balance rose by $106M.

Operating cash flow was $2.0B against net income of $1.7B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$520M, inventory −$430M, receivables −$298M.

Its cash conversion cycle was -76 days (receivables 10 + inventory 0 − payables 86): suppliers fund its working capital.

Free cash flow

Freeport-McMoRan: free cash flow by quarterFreeport-McMoRan: free cash flow by quarter$197MQ4 2024−$114MQ1 2025$934MQ2 2025$608MQ3 2025−$312MQ4 2025$522MQ1 2026$2.0BQ2 2026$2.0BQ3 2026
Operating cash flow less capital spending.
Freeport-McMoRan: operating cash flow against capital spendingFreeport-McMoRan: operating cash flow against capital spendingOperating cash flowCapital spending$1.4B$1.2BQ4 2024$1.1B$1.2BQ1 2025$2.2B$1.3BQ2 2025$1.7B$1.1BQ3 2025$693M$1.0BQ4 2025$1.5B$973MQ1 2026$2.0B$0Q2 2026$2.0B$0Q3 2026
Latest (Q3 2026): Operating cash flow $2.0B, Capital spending $0.

Capital allocation, year by year

Freeport-McMoRan: where the cash came from (up) and went (down), by fiscal yearFreeport-McMoRan: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $7.7BFY2021: Net borrowing −$260MFY2021: Shares issued $210MFY2021: Asset sales $247MFY2021: Capital spending −$2.1BFY2021: Buybacks −$488MFY2021: Dividends −$331M$8.2BFY2021FY2022: Operating cash flow $5.1BFY2022: Net borrowing $1.2BFY2022: Shares issued $125MFY2022: Asset sales $108MFY2022: Capital spending −$3.5BFY2022: Buybacks −$1.3BFY2022: Dividends −$866M$6.6BFY2022FY2023: Operating cash flow $5.3BFY2023: Net borrowing −$1.2BFY2023: Shares issued $47.0MFY2023: Asset sales $27.0MFY2023: Capital spending −$4.8BFY2023: Dividends −$863M$5.4BFY2023FY2024: Operating cash flow $7.2BFY2024: Net borrowing −$521MFY2024: Shares issued $29.0MFY2024: Asset sales $19.0MFY2024: Capital spending −$4.8BFY2024: Buybacks −$59.0MFY2024: Dividends −$865M$7.2BFY2024FY2025: Operating cash flow $5.6BFY2025: Net borrowing $381MFY2025: Shares issued $12.0MFY2025: Capital spending −$4.5BFY2025: Buybacks −$107MFY2025: Dividends −$865M$6.0BFY2025
Over these 5 years operating cash flow totalled $30.9B; the largest uses were capital spending ($19.7B) and dividends ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.3B
Debt$9.4B
Net debt$5.1B
Due within a year$500M

Freeport-McMoRan funds itself: free cash flow was $6.2B over the last twelve months, and $4.3B of cash and investments stands against $9.4B of debt ($500M due within a year, 8.7× covered by cash).

Freeport-McMoRan: debt maturities by year (FY2025)Freeport-McMoRan: debt maturities by year (FY2025)$500MYear 1$1.3BYear 2$1.2BYear 3$500MYear 4$1.0BYear 5$4.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.3B of cash and investments now.

Where the cash came from and went

Freeport-McMoRan: sources (+) and uses (−) of cash, Q3 2026Freeport-McMoRan: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.0BOther investing−$1.1BCash drawn (+) / kept (−)−$268MPartners−$266MDividends−$216MBuybacks−$102MShares issued$5.0MNet borrowing (+) / repaid (−)$2.0M
Freeport-McMoRan: sources (+) and uses (−) of cash, TTM to Q3 2026Freeport-McMoRan: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$6.2BOther investing−$4.3BDividends−$866MPartners−$625MBuybacks−$305MCash drawn (+) / kept (−)−$106MNet borrowing (+) / repaid (−)$51.0MTaxes on employees’ shares−$45.0MShares issued$33.0MOther financing−$11.0M

From profit to cash

Freeport-McMoRan: net income to operating cash flow, Q3 2026Freeport-McMoRan: net income to operating cash flow, Q3 2026Net income$1.7BDepreciation & amortization$520MStock-based pay$28.0MDeferred taxes$114MReceivables−$298MInventory−$430MPayables$298MPrepaid and other assets−$21.0MIncome taxes payable$63.0MOperating cash flow$2.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610—86-76
Q2 20269—82-73
Q1 202612—86-74
Q3 202512—80-68
Q2 202510—77-67
Q1 202510—87-76

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.0B—−$102M−$216M$2.0M$5.0M−$268M$2.0B
Q2 2026$2.0B—−$110M−$216M−$45.0M$3.0M−$342M$2.0B
Q1 2026$1.5B−$973M−$93.0M−$218M$26.0M$19.0M$24.0M$522M
Q4 2025$693M−$1.0B—−$216M$68.0M$6.0M$480M−$312M
Q3 2025$1.7B−$1.1B—−$216M$36.0M$4.0M$171M$608M
Q2 2025$2.2B−$1.3B−$52.0M−$215M−$172M$1.0M$124M$934M
Q1 2025$1.1B−$1.2B−$55.0M−$218M$449M$1.0M−$37.0M−$114M
Q4 2024$1.4B−$1.2B—−$216M−$732M$2.0M$1.3B$197M

Freeport-McMoRan: income statement and cash flow

Freeport-McMoRan, Q3 2026: revenue $7.5B (+8% year over year), operating margin 31.2%. The chart follows the revenue to costs, profit and cash.

Freeport-McMoRan: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.